The single European currency has continued to appreciate in an ascending channel against the Japanese Yen. The currency pair tested the upper boundary of the channel pattern at the end of yesterday’s trading session.
Currently, the exchange rate is stranded between SMAs. The combination of the 50– and 100-hour SMAs is providing support at 126.40, while the 200-hour simple moving average is providing resistance at 127.06.
As for the near future, it is likely that the EUR/JPY currency exchange rate will continue to maintain the junior ascending channel during the following trading session.
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